Monthly Income Scheme account withdrawal prematurely?

[Dhruv]

My father had invested 1.25 lakhs in Monthly Income Scheme in local Post office. I am in urgent need of money, so I just wanted to withdraw that money. I have few queries on it -
1. Can I close the monthly income scheme account prematurely?
2. If yes, is there any penalty I need to pay for this.
I wants to know all in detail. Please advise me.

Thanking you in anticipation.
Dhruv

[narayan]

My father had invested 1.25 lakhs in Monthly Income Scheme in local Post office. I am in urgent need of money, so I just wanted to withdraw that money. I have few queries on it -
1. Can I close the monthly income scheme account prematurely?
Premature closure facility is available after one year subject to some conditions. Pls contact Post Office for more info.


2. If yes, is there any penalty I need to pay for this.
I wants to know all in detail. Please advise me.

Thanking you in anticipation.
Dhruv
Pls contact Post Office for more info.

[Master]

Premature closure of the account is permitted any time after the expiry of a period of one year of opening the account. Deduction of an amount equal to 5 per cent of the deposit is to be made when the account is prematurely closed. Investors can withdraw money before three years, but a discount of 5%. Closing of account after three years will not have any deductions.

[Dhruv]

Thanks Narayan and Master for answering the query.